Risk managers who have worked hard to meet their workplace safety goals and keep workers' comp claims on a downward trend might find the threat of budget cuts and massive layoffs in a faltering economy making it that much harder to prevent injuries and control their exposures, one expert in the field warns.
The good news is that companies that made long-term, strategic risk management decisions when their company bottom lines were booming are unlikely to abandon safety programs despite a down economy, according to Mark Touhey, senior vice president of Loss Control Advisory Services with Liberty Mutual in Boston.
The bad news, of course, is that with most companies seeing revenue in decline, the pressure is on for budget cuts--and risk management might not be spared. Plus changes in the size and makeup of a firm's workforce could change the workplace safety outlook in a hurry, he noted.
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